• The Financial Doctor

Credit Record Repair after Complete Destruction

Updated: May 27, 2019

Learn how you can repair your credit record after running into problems

Credit record repairs helps eases smaller defaults in credit reporting, however are quite as effective in in dealing with those that have been in previous bankruptcy. Containing a recorded bankruptcy on a credit history report can be damaging. Not only does it inhibit your ability to borrow within future years, but also restricts financial freedom. Instead of finding solutions to swerve around these harsh penalties, it is instead better to avoid being in that position in the first place. Resolving a poor credit record requires a great deal of time and effort; requiring credit record repairing initiatives in order to ease the previous damages of credit score.

Before Credit Record Repair

You should check on your own credit record first. There are financial organisations specialised in this field that can help you out, most of which are free. However, they could offer faster services provided you pay them a little. Regardless of your choice, you will then need to seek out credit record repair services. Some people may think that a credit record check isn’t necessary, and they could skip straight to the credit record repair. This is somewhat true, but the reason for the check isn’t to make sure your record is damaged; it’s is to check for errors before seeking credit record repairs.

Checking on your own credit history isn’t mandatory before credit record repair, but it’s highly recommended. As explained earlier, the primary concern is that there are errors on your credit record. If left alone, those errors can drag down your credit record even further, doing the opposite of improving credit rating. After proper management of your own credit record, it’s time to move on to credit record repairs.

Methods of Credit Record Repair

Credit record repairs can be done through numerous methods. You can rely on credit record repair agencies for the most part, and do very little on your own. Such an easy way is also the most costly. The cheapest way is to do it all by yourself, by not getting anymore defaults on, while making on time payments for bills. The time taken for this method varies, and could very well take years. This is because there isn’t a standard rating system in Australia, and all the credit records are open to the creditors’ interpretation. This is only scratching the surface of the methods to get yourself back on track, and the next article will go more in depth on how to repair using those methods.